Skip to main content

Is Facebook’s Libra Really A Cryptocurrency?


After a period of excitement, Facebook launched the most anticipated white paper for its digital asset called Libra. A lot of the pending details will be released on or prior to public launch in the first half of 2020. The information that we have are:
  1. Libra Coin will be a global currency backed by a basket of bank deposits and treasuries from high-quality central banks which will allow you to send money at nearly zero fees. 
  2. Calibra wallet for holding the Libra coins will be integrated across WhatsApp, Facebook, Messenger and Instagram.
  3. For this venture, Facebook will also set up a subsidiary, Calibra (not to be confused with Calibra wallet), which is expected to protect users' data and privacy and not mingle payments with user data, to prevent ad targeting.
It is quite apparent from social media that the majority of the crypto community is very excited by Libra. But the evolution of space as this is a bit ironic since it is not a cryptocurrency (like bitcoin) but rather a stable coin as it is backed by real assets; it may not be censorship-resistant with Facebook’s Calibra wallet requiring KYC, and it will (initially) run on a permissioned blockchain, operated by the 100 corporates who will sign-up to become nodes by paying $10M each (including Visa, Uber, eBay) which means it isn’t decentralized.
Speaking in the Indian context, due to uncertain regulations on cryptocurrencies, Libra coin is unlikely to be available to Indian residents, and the ability of Libra coin to operate as a global currency outside of its network isn’t in the control of the Reserve Bank Of India (RBI). India really needs to update its regulations to allow its residents to benefit from such innovation, as it could assist in economic, job creation and entrepreneurial aspects with the amount of development and innovation happening in the digital space worldwide. 


About Reddensoft :
We are a software development company our aim in this platform is to more efficiency and knowledge retention through improved business communication by using information sharing and social learning.
Labels:

Comments

Post a Comment

Popular posts from this blog

New Technologies That Will Change Banking Forever

For decades, the banking industry had been based on branch-based and mainframe-supported operations that solely focused on the efficiency of processing transactions in person, at ATMs, on the phone, and with plastic cards. But, the impact of digital technology lately has moved to make transactions out of the branch and on to mobile devices in the face of advanced data analytics allowing for personalized delivery of services. The integration of AI, robotics, blockchain, open banking APIs and the internet of things is about to accelerate the pace of digital change exponentially. We are already seeing multiple tests of all of these digital technologies to different degrees across the industry. These tests are significant to keep pace with consumer expectations. Artificial Intelligence and Machine Learning - To improve customer service, organizations are testing the use of chatbots while machine learning is being used to decrease fraud and improve personalization. Blockc...
6 comments
Read more

Make The Right Business Decision By Weighing The Pros And Cons Of Using WordPress

WordPress is the largest CMS on the market today. Powering over 34 percent of websites on the internet, WordPress has set itself up as a leader in the industry. Experts strongly recommend WordPress when it comes to choosing a platform to build your website with. You can evaluate other options as well to find out what CMS will work best for you. If you consider your website a vital factor of your business's livelihood, you should, at a minimum weigh the pros and cons of WordPress prior to jumping into this type of solution. Go for a WordPress development company   to create a stunning website with excellent WordPress plugin and theme development.  Advantages: Professionalism-  The popularity of free blogging platforms or what gets these platforms going is the fact that they're free. The foremost reason you shouldn't be blogging on a free platform is that it doesn't look professional, which can be a big turn off for visitors whether it's because of the ...
2 comments
Read more